...ITR Concession Co. LLC (ITRCC) is issuing $670 million in senior secured private placement notes due 2026-2039 to repay fully (and terminate) $289 million outstanding under its $328.5 million capital spending facility (unrated) due 2020, $15 million for the partial termination of an associated swap, and $230 million outstanding under an unrated $300 million revolving credit facility due 2024. It will use the remaining proceeds to pay transaction costs and distribution. - We are assigning our '###' issue-level rating to the private placement notes. We are also affirming our '###' issue-level rating on its senior secured debt, comprising $850 million private placement notes due in 2024-2032, $700 million private placement notes due in 2045-2055, and $1.05 billion 144A notes due in 2025-2040. The outlook is stable. - The new private placement issuance will increase the project's total leverage to about $3.45 billion, or 12.9x of estimated EBITDA for 2019, which is reasonable at the current...
